How is Coronavirus Affecting Restaurant Prices?
The novel coronavirus, known as SARS-CoV-2, has significant adverse effects on a number of industries from the healthcare industry to the hospitality and travel industry. The restaurant industry is undoubtedly among the most affected with the shelter-in-place orders and, in some cases, the mandatory closures of all restaurants in certain jurisdictions. Even in restaurants that have remained open, the effects of the coronavirus pandemic are still felt in so many ways! Here are a few of these effects including on their prices. Downward Trend in Prices In 2019, analysts forecasted that the restaurant prices will jump by 2 to 4 percent in 2020. But things have drastically changed since then with the coronavirus pandemic, which was made known to the world in December 2019. The trend nowadays is on the downward with the double blow of limited operations and temporary closures. Our own report found that price increases in restaurant industry have stopped o...